Bankruptcy hurts small publishers
The bankruptcy of Publishers Group West, a book distributor based in California, is a major headache for small publishers.
The shutdown deprives imprints like McSweeney's and Parallax Press of the company that helped them get their books into major chains, the San Francisco Chronicle reported. But the company also filed for bankruptcy protection while it was holding revenues from sales from the last three months of 2006, the most profitable time of the year.
A New York company, Perseus Books Group, has offered to take over PGW's business, paying the creditors 70 cents on the dollar.
Publishers Group West -- founded in the 1970s in Berkeley by Charlie Winton, a Stanford graduate who believed in nurturing small publishers -- ran into trouble after Winton sold the business in 2002. The Chronicle said the bankruptcy was a result of troubles at the parent company, Advanced Marketing Services, whose accounting practices are under investigation. // Copyright 2007 by United Press International
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